The Money Farm Team

A tax-free rollover from your SIMPLE IRA to another IRA (excluding a Roth IRA) or an employer-sponsored retirement plan (such as a 401(k), 403(b), or governmental 457(b) plan) may be possible. You can only transfer money to another SIMPLE IRA within the 2-year period commencing when you first joined in your employer’s SIMPLE IRA plan. […]

The rollover would be considered a Roth conversion, which is allowed after the two-year SIMPLE IRA distribution waiting period, which begins on the date of the initial SIMPLE contribution to the plan. Then, if you break the two-year rule, you’ll be hit with taxes and a 25% penalty. The assets from the SIMPLE IRA can

If a survivor inherits an IRA from their deceased spouse, they have numerous options for how to spend it: Roll the IRA over into another account, such as another IRA or a qualified employment plan, such as a 403(b) plan, as if it were your own. Depending on your age, you may be compelled to

If a reverse rollover is permitted, the next step is to seek a distribution from your IRA. You’ll need to fill out some paperwork, which you can get from the plan provider. If you choose “direct rollover” as the reason for the distribution, the IRA administrator will make an electronic transfer or a cheque to

You can transfer money from a 401(k) to an IRA without paying a penalty, but you must deposit the monies from your 401(k) within 60 days. If you transfer money from a standard 401(k) to a Roth IRA, however, there will be tax implications. What are the advantages of rolling over a 401(k) to an

If you have a Roth 401(k) or 403(b), you can transfer your funds tax-free to a Roth IRA. You can roll over money from a standard 401(k) or 403(b) into a Roth IRA. However, because this is a “Roth conversion,” you’ll have to report the money as income and pay taxes on it. Can you

As a result of recent tax law changes, you can now transfer — or roll over — money from your 457(b) plan to an IRA once you’ve left your job. Your 457(b) plan provides you with a big benefit while you work for the government: tax deferral. How do I transfer my 457 to an

A 529 plan account, on the other hand, cannot be rolled into an IRA or any other retirement plan. If you have additional funds in a 529 plan account that you don’t want to transfer, you can name yourself as the beneficiary and use the funds for your own future education. How do you rollover

An IRA CD is an IRA that is made up entirely of CDs. In an IRA, you can use any CD, although some banks provide CDs exclusively for retirement savings. These often have longer durations of roughly ten years and greater yields. An IRA CD, in general, is an excellent method to save for retirement

On your taxes, report the amount of the conversion from a non-Roth retirement account to a Roth IRA as a taxable distribution with the word “rollover” next to it. This is line 15a and 15b on your form 1040 for 2009 tax returns. Because you earned a tax credit on the donations, you must include